JPMorgan top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $69.56 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $81.87 billion year to date

• Credit Suisse top European high-yield underwriter year to date

• European high-yield issuance totals $17.95 billion year to date

New York, June 30 - JPMorgan Securities came close to sweeping the high-yield league tables, ranking first year to date in the U.S. market, first year to date in the global market and taking first position for both those markets in June and the second quarter, according to data compiled by Prospect News.

Only in the European market did another firm manage to top the tables: Credit Suisse came in first year to date and in the second quarter while Calyon handled June's single European deal.

JPMorgan's first place in the U.S. high-yield market meant it replaced Citigroup in the number one position. JPMorgan was first for the year through the end of April, but Citi had been in the lead at the end of all the previous months this year.

The margin separating the two at the end of June is small, $0.33 billion or 0.48 percentage points of market share.

JPMorgan's surge to the top was significantly helped by its role as joint bookrunner on two of the month's biggest deals, Nortel Networks Ltd.'s $2 billion of senior notes in three parts and Windstream Corp.'s $2.5 billion of senior notes in two parts.

Meanwhile, the turbulence in the financial markets during June did not prevent the month ending with the second-highest volume so far this year. At $14.57 billion, only January has been bigger so far in 2006 with $15.86 billion.

In addition to Nortel and Windstream, June also saw Intelsat (Bermuda) Ltd. and PanAmSat Corp. bring $2.9 billion of bonds to market.

The year-to-date total for new issuance is now $69.56 billion, 34% ahead of the $52.00 billion at the same stage in 2005.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, JPMorgan also dislodged Citigroup, which had been in first place for two months.

For European deals, Credit Suisse held on to the number one position for a second month.

Global issuance so far this year is $81.87 billion, 45% above the $56.27 billion for the same period of 2005.

Despite a tiny $0.18 billion of European activity in June, that market is also running far ahead of 2005 at $17.95 billion for 2006 so far against $11.18 billion at the same stage last year.

Year to date, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.409	63	16.40%	4	5.638	37	10.84%
2	Citigroup	11.072	53	15.92%	3	6.138	44	11.80%
3	Credit Suisse	6.506	43	9.35%	1	6.853	43	13.18%
4	Banc of America	6.313	48	9.07%	2	6.322	47	12.16%
5	Deutsche Bank	5.519	39	7.93%	5	4.962	32	9.54%
6	Merrill Lynch	5.094	28	7.32%	6	3.821	23	7.35%
7	Lehman	4.215	29	6.06%	8	2.944	25	5.66%
8	Morgan Stanley	4.049	16	5.82%	9	2.809	15	5.40%
9	Goldman Sachs	3.100	21	4.46%	11	2.396	18	4.61%
10	Bear Stearns	3.084	17	4.43%	12	1.728	12	3.32%
	Total	69.563	199	52.003	210
	Average size:	0.350	0.248
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.026	60	17.36%	5	4.511	33	10.03%
2	Citigroup	9.672	46	15.23%	3	5.230	36	11.63%
3	Banc of America	6.313	48	9.94%	1	6.322	47	14.06%
4	Credit Suisse	6.156	40	9.69%	2	5.326	34	11.85%
5	Deutsche Bank	5.122	36	8.06%	4	4.765	29	10.60%
6	Merrill Lynch	4.894	26	7.70%	8	2.874	18	6.39%
7	Lehman	4.090	28	6.44%	7	2.944	25	6.55%
8	Morgan Stanley	3.624	12	5.70%	11	1.754	12	3.90%
9	Bear Stearns	3.084	17	4.85%	12	1.528	11	3.40%
10	Goldman Sachs	2.775	19	4.37%	10	2.313	17	5.14%
	Total	63.527	172	44.962	183
	Average size:	0.369	0.246
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.849	65	14.47%	5	5.365	40	9.53%
2	Citigroup	11.847	53	14.47%	2	6.739	46	11.98%
3	Credit Suisse	9.325	48	11.39%	1	7.084	42	12.59%
4	Deutsche Bank	7.930	49	9.69%	3	6.570	40	11.68%
5	Banc of America	6.475	50	7.91%	4	6.554	49	11.65%
6	Merrill Lynch	5.894	29	7.20%	9	3.256	21	5.79%
7	Morgan Stanley	5.142	17	6.28%	11	2.192	15	3.90%
8	Goldman Sachs	5.077	25	6.20%	7	3.521	23	6.26%
9	Lehman	4.127	29	5.04%	8	3.410	29	6.06%
10	Bear Stearns	3.084	17	3.77%	12	1.528	11	2.72%
	Total	81.874	208	56.268	219
	Average size:	0.394	0.257
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.169	8	17.66%	2	1.757	8	15.72%
2	Deutsche Bank	2.808	13	15.65%	1	1.805	11	16.14%
3	Goldman Sachs	2.301	6	12.82%	4	1.208	6	10.80%
4	Citigroup	2.175	7	12.12%	3	1.447	9	12.94%
5	Barclays	1.692	5	9.43%	14	0.168	1	1.50%
6	Morgan Stanley	1.518	5	8.46%	8	0.438	3	3.92%
7	Merrill Lynch	1.000	3	5.57%	9	0.382	3	3.42%
8	JPMorgan	0.823	5	4.58%	6	0.854	7	7.64%
9	BNP Paribas	0.511	4	2.85%	5	1.000	4	8.94%
10	RBS	0.495	3	2.76%	12	0.271	2	2.42%
	Total	17.946	35	11.181	35
	Average size:	0.513	0.319
Q2, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.353	42	21.98%	9	0.985	12	4.75%
2	Citigroup	5.803	33	15.27%	5	1.939	17	9.35%
3	Lehman	3.528	22	9.28%	11	0.815	9	3.93%
4	Deutsche Bank	3.353	26	8.82%	4	2.070	13	9.98%
5	Credit Suisse	3.046	23	8.01%	1	2.806	18	13.53%
6	Banc of America	2.761	26	7.26%	3	2.418	16	11.66%
7	Merrill Lynch	2.730	13	7.18%	2	2.565	14	12.37%
8	Goldman Sachs	1.755	15	4.62%	10	0.925	10	4.46%
9	UBS	1.505	12	3.96%	6	1.692	14	8.16%
10	Bear Stearns	1.145	9	3.01%	12	0.555	4	2.68%
	Total	38.006	116	20.736	90
	Average size:	0.328	0.230
Q2, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.153	41	23.57%	8	0.902	11	5.26%
2	Citigroup	5.228	29	15.12%	7	1.306	11	7.62%
3	Lehman	3.403	21	9.84%	10	0.815	9	4.75%
4	Deutsche Bank	2.957	23	8.55%	3	1.947	11	11.36%
5	Credit Suisse	2.921	22	8.44%	2	2.414	15	14.08%
6	Banc of America	2.761	26	7.98%	1	2.418	16	14.10%
7	Merrill Lynch	2.580	12	7.46%	4	1.692	10	9.87%
8	Goldman Sachs	1.755	15	5.08%	9	0.842	9	4.91%
9	Bear Stearns	1.145	9	3.31%	13	0.355	3	2.07%
10	UBS	1.039	10	3.00%	5	1.569	12	9.15%
	Total	34.585	100	17.149	76
	Average size:	0.346	0.226
Q2, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.744	44	19.42%	8	1.230	14	6.29%
2	Citigroup	6.501	33	14.44%	7	1.306	11	6.68%
3	Credit Suisse	5.487	28	12.19%	1	2.617	16	13.37%
4	Deutsche Bank	4.751	32	10.55%	2	2.469	14	12.62%
5	Goldman Sachs	3.515	20	7.81%	11	0.842	9	4.31%
6	Lehman	3.439	22	7.64%	9	1.040	12	5.31%
7	Merrill Lynch	2.871	14	6.38%	4	1.692	10	8.65%
8	Banc of America	2.862	27	6.36%	3	2.418	16	12.36%
9	Bear Stearns	1.145	9	2.54%	14	0.355	3	1.81%
10	UBS	1.039	10	2.31%	5	1.569	12	8.02%
	Total	45.016	121	19.564	86
	Average size:	0.372	0.227
Q2, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.567	6	25.17%	6	0.202	1	8.38%
2	Deutsche Bank	1.794	9	17.59%	1	0.522	3	21.60%
3	Goldman Sachs	1.760	5	17.26%
4	Citigroup	1.273	4	12.48%
5	JPMorgan	0.591	3	5.79%	3	0.328	3	13.56%
6	RBS	0.386	2	3.79%	9	0.110	1	4.53%
7	Barclays	0.386	2	3.79%	7	0.168	1	6.96%
8	Calyon	0.351	3	3.44%
9	Merrill Lynch	0.290	2	2.85%
10	BNP Paribas	0.211	3	2.07%	2	0.343	1	14.18%
	Total	10.199	21	2.416	10
	Average size:	0.486	0.242
June, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.475	16	23.85%	8	0.561	5	4.44%
2	Citigroup	2.389	13	16.39%	5	1.561	13	12.37%
3	Merrill Lynch	1.697	5	11.64%	1	2.214	10	17.55%
4	Credit Suisse	1.398	10	9.59%	4	1.607	10	12.74%
5	Deutsche Bank	1.287	9	8.83%	3	1.744	10	13.82%
6	Lehman	1.146	9	7.86%	10	0.256	2	2.02%
7	Banc of America	1.065	8	7.31%	2	1.752	9	13.88%
8	Goldman Sachs	0.854	7	5.86%	13	0.163	2	1.29%
9	UBS	0.355	4	2.44%	7	0.763	7	6.04%
10	Wachovia	0.164	2	1.12%	6	0.921	4	7.30%
	Total	14.572	39	12.619	49
	Average size:	0.374	0.258
June, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.475	16	24.18%	9	0.478	4	4.45%
2	Citigroup	2.389	13	16.62%	5	1.240	10	11.55%
3	Merrill Lynch	1.697	5	11.81%	4	1.341	6	12.50%
4	Credit Suisse	1.398	10	9.73%	3	1.524	9	14.20%
5	Deutsche Bank	1.287	9	8.95%	2	1.621	8	15.11%
6	Lehman	1.146	9	7.97%	10	0.256	2	2.38%
7	Banc of America	1.065	8	7.41%	1	1.752	9	16.32%
8	Goldman Sachs	0.854	7	5.94%	12	0.080	1	0.75%
9	UBS	0.256	3	1.78%	7	0.640	5	5.96%
10	Wachovia	0.164	2	1.14%	6	0.921	4	8.58%
	Total	14.374	38	10.731	42
	Average size:	0.378	0.255
June, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.475	16	23.89%	9	0.478	4	4.21%
2	Citigroup	2.389	13	16.42%	5	1.240	10	10.93%
3	Merrill Lynch	1.697	5	11.66%	4	1.341	6	11.83%
4	Credit Suisse	1.398	10	9.61%	2	1.727	10	15.23%
5	Deutsche Bank	1.287	9	8.85%	3	1.621	8	14.30%
6	Lehman	1.146	9	7.88%	10	0.256	2	2.25%
7	Banc of America	1.065	8	7.32%	1	1.752	9	15.45%
8	Goldman Sachs	0.854	7	5.87%	13	0.080	1	0.71%
9	Calyon	0.263	2	1.80%
10	UBS	0.256	3	1.76%	8	0.640	5	5.64%
	Total	14.549	39	11.337	45
	Average size:	0.373	0.252
June, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Calyon	0.175	1	100.00%
	Total	0.175	1	0.606	3
	Average size:	0.175	0.202
Prospect News High-Yield Underwriter Rankings

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• European tables cover deals denominated in currency of a European industrialized country

• Global tables cover deals denominated in currency of an industrialized country

• Amounts converted to dollars (if necessary) at rate shown in Federal Reserve's H.10 release on day of pricing

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value more than $100 million are included. All other MTNs are excluded.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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